Technical analysis of USD/JPY for July 02, 2015

The pair hold the 50Dsma approaching 20Dsma at 123.50. To regain the near-term strength, bulls must close above 20Dsma. In the H1 and H4, bulls managed to close above all moving averages. Until the pair holds the level of 122.70, bulls will try to visit the previous double top at 124.40 again. At today's Asian session, the pair was unable to breach the 20Dsma. Tthe positive US data might take the pair towards 123.90 today. Intraday support is found at 123.10, 122.90, and 122.70. We avise to buy only above 123.50.